In early April, the price of cryptocurrencies rose as traders anticipated increased demand from the US market. The demand did not come and so, the price of cryptocurrencies has fallen by double digits in the past one month. Bitcoin has fallen by about 17% while Litecoin has fallen by almost 25%. Last month, another reason for the decline was the disappointing Consensus event held in New York.
This month, the US made some clarity on the regulations of the cryptocurrencies. In an interview with CNBC, Securities and Exchange Commission (SEC) chair Jay Clayton said that the agency will not change the characterization of bitcoin. He said that the commission would not view the currencies as securities. He argued that changing the rules to accommodate currencies would disrupt the $19 trillion securities market the US has built for decades.
He also said that the agency would not move to regulate the Initial Coin Offering (ICO) market. He argued that the rules for fundraising were already in place and the agency saw no value in adding more regulations. However, he remains focused on preventing fraud in the ICO market. Recently, the agency launched a fake ICO website to show people how easy it was for them to lose money.
This month, several cryptocurrencies events have been scheduled. Next week, cryptocurrency enthusiasts will go back to New York for the Bitcoin and Cryptocurrency Summit. The summit will take place on 11th and 12th of June at the Metropolitan Pavilion. The event will feature a wide range of speakers including Ryan Tylor, the founder of Dash, Ajay Yadav, the founder of Roomi, and Jim Greco, the founder of Clearmont Capital.
In London, there will be two main cryptocurrencies events. The first one will be the CryptoCompare & MJAC London Blockchain, which will take place on Wednesday. It will be followed by the Blockchain Summit London, which will take place on 27th and 28th. The main speakers in the former event will be the CEO of Coinbase and the managing director of Ripple. The latter will be the biggest blockchain in London with more than 3000 participants expected. It will feature speakers from companies like Deloitte, Maersk, Pfizer, United Nations, and European Commission.
Other major events that will happen this month are the Crypto Valley Conference, which will happen in Switzerland on 20th June, EU Blockathon, which will be at Brussels, and Blockchain Expo which will happen in Amsterdam. The Crypto Valley conference will be addressed by the CTO of Ripple and the representatives from the government, including Johann Schneider-Ammann, who is the Swiss National Counsellor and Dr. Thomas Moser of the Swiss National Bank. The EU Blockathon will be held at the Autoworld museum and will feature various blockchain-related competitions.
Next week, the SEC will host a town hall event at the Georgia State University. During the event, all the five SEC commissioners will participate in an event, which will feature topics like ICOs, cryptocurrencies, and cybersecurity. This event will provide the officials with an opportunity to articulate their stand and reservations about cryptocurrencies.
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